On May 20, 2025, Kraken introduced regulated crypto derivatives trading for retail and institutional clients across the European Economic Area (EEA).
The new service includes perpetual and fixed maturity futures contracts. These offerings operate under the European Union’s Markets in Financial Instruments Directive (MiFID II).
Kraken received approval to offer these services after acquiring a Cyprus-based investment firm in February.
The company now operates under the name Payward Europe Digital Solutions, licensed by the Cyprus Securities and Exchange Commission.
This license enables Kraken to offer crypto derivatives in compliance with European financial regulations.
Payward Europe Digital Solutions Manages EU Trading Operations
Kraken crypto derivatives are provided through Payward Europe Digital Solutions, its MiFID II-regulated entity. This structure ensures legal clarity for clients trading in the EU and EEA.
Shannon Kurtas, Kraken’s head of exchange, said the region hosts “some of the most sophisticated and demanding clients and institutions.” He stated that customers seek services within a regulated structure.
He also noted that with this setup, users can access futures directly through Kraken, allowing for better liquidity and structured trading strategies.
Kraken Acquires NinjaTrader Amid 19% Revenue Growth
Kraken recently completed the acquisition of NinjaTrader, a futures trading platform.
The company reported $471.7 million in revenue for Q1 2025, showing a 19% increase compared to the previous year.
This acquisition supports Kraken’s efforts to broaden its product range, including spot trading and newly launched MiFID II-regulated derivatives.
Other Crypto Exchanges Expand Under MiFID II Rules
Gemini and Coinbase are also expanding their derivatives businesses in Europe.
Gemini received MiFID II approval on May 9. Mark Jennings, head of Gemini Europe, confirmed that the company plans to offer regulated derivatives across the EU and EEA.
Coinbase announced its plan to acquire Deribit, a major crypto derivatives platform. CEO Brian Armstrong said the move aligns with Coinbase’s ongoing expansion.
Synthetix has also proposed reacquiring the crypto options platform Derive, pending approval from both communities involved.
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